If there is one real estate lesson that was learned during the pandemic, it is that many remote workers have realized that they are not tied to a specific location. Many employers are realizing that they can be equally productive while cutting down costs simply by allowing their employees to work remotely. This has resulted in more flexibility in living location options. For many Americans, there is no longer a need to factor the commute to the office during a home search.
According to the National Association of Realtors® (NAR), the national median sale price for single-family homes in 2020 was $299,900. Florida’s median price was close at $290,000. Of course, the median price for a single-family home is higher in South Florida as compared to the overall average for the state.
What does the data show?
Florida Realtors® gathered data for homes priced from $297,000 to $303,000 to analyze what type of home can be purchased. In 2020, $300,000, on average, bought a 3-bed, 2-bath home with about 1,900 square feet of living space. Of course, you can typically expect some higher prices in the Palm Beach, Broward, & Dade county area of South Florida. Nonetheless, Florida has become one of the most popular relocation destinations during the remote working boom caused by the pandemic.
For remote employees that are considering a relocation, Florida offers many advantages. Some of these advantages include:
- a tropical climate
- beautiful beaches
- no state income tax
- a growing economy
- plenty of amenities
Of course, the Florida real estate market is considerably hot right now. If you are looking at buying a South Florida home, you will need to be prepared to act quick. As for $300,000 homes, they only stay on the market for a median of 24 days!
If you are ready to relocate to The Sunshine State, contact Live South Florida Realty, Inc. today! We have assisted many Americans realize their dreams of moving to our tropical paradise.